Global law firm White & Case LLP has advised the Khalifa Fund for Enterprise Development (KFED) in negotiations with the Government of Egypt to extend a US$200 million loan facility to support micro entrepreneurial projects in Egypt through the Social Fund for Development.

The Law Office of Salman M. Al-Sudairi in association with Latham & Watkins LLP advised The National Commercial Bank (NCB) on the US$6 billion (SAR22.5 billion) initial public offering (IPO) of 25 percent of its shares at an offer price of SAR45 per NCB share. The 500 million shares sold in the IPO were held by the Saudi Public Investment Fund (PIF), and were divided into 300 million shares allocated for subscription by Saudi individuals and 200 million shares allocated for subscription by the Public Pension Agency (PPA). The individual allocation portion of this successful IPO was 23 times oversubscribed as of the close of the subscription period on 2 November 2014, and the PPA fully subscribed to the shares allocated to it. The IPO is the largest equity offering ever in Saudi Arabia and in the Arab world, and is also the second largest IPO globally so far this year. PIF retained a 44.9 percent stake in NCB after listing on the Tadawul, which took place on 12 November 2014.

International law firm Stephenson Harwood LLP has advised on a large scale real estate and tourism development project in Oman.

The Omagine project, which will cost approximately 2.5 billion US dollars to develop, was agreed with the Ministry of Tourism for the government of Oman and Omagine LLC. The project team from Stephenson Harwood’s Dubai office advised Omagine LLC, which will design, build, own and operate the mixed use ‘integrated tourism complex’ under a special royal decree which allows non-Omani citizens to buy and own real estate in Oman which is connected to a tourism development. The development agreement was signed on October 2, 2014.

Dentons has advised Burgan Bank on the issuance of US$500 million Perpetual Tier 1 Capital Securities, which completed on 30 September 2014. The Capital Securities were listed on the Irish Stock Exchange and represented Kuwait’s first ever Basel III-compliant regulatory capital issuance.

Linklaters has advised Emaar Malls Group (EMG), the leading owner and operator of shopping malls in Dubai, and its parent company, Emaar Properties, on EMG’s IPO, the second largest ever in the United Arab Emirates. The initial sale of shares were priced at the top of the proposed range amid huge demand from investors, making it the largest stock offer in a Gulf Arab economy since 2008.

Shares in the initial public offer were priced at 2.90 dirhams per share, giving an overall sale value of 5.8 billion dirhams ($1.58 billion). With a market value of 37.7 billion dirhams upon listing, it will become the third-largest stock on the Dubai Financial Market when it begins trading on Oct. 2.

Linklaters advised the Managers in connection with the CNY 1 billion 3.50%. Notes due 2017 issued by Agricultural Bank of China Limited Dubai Branch, under Agricultural Bank of China Limited’s US$ 15 billion Medium Term Note Programme. Agricultural Bank of China is China’s third largest by assets. This transactions marks the first Reminbi offering in Dubai by a non-Dubai entity and the first Chinese fixed income bond on an Arab stock market.

One of the stated aims of the transaction was to contribute to the continuing global expansion of the Chinese currency.

Dentons has advised the Government of Sharjah, acting through Sharjah Finance Department, on the issuance of US$750 million Trust Certificates due 2024 which completed on 17 September 2014. The Certificates were listed on the Irish Stock Exchange and on the Nasdaq Dubai and represented the Government’s first ever Sukuk issuance.

Global law firm White & Case LLP has advised the Joint Lead Managers on the issuance by the Republic of Indonesia of US$1.5 billion, 4.35 percent Sukuk due 2024.

“This transaction represents an important innovation in the way that sovereigns can issue Sukuk to fund public infrastructure development projects,” said UAE-based partner Shibeer Ahmed who, together with fellow Singapore-based partner, Kaya Proudian, led the White & Case team which advised on the issuance. “The reaction from the market demonstrates the strong investor interest in the Republic’s capital markets issuances.”

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has opened its 14th office, in Dubai, United Arab Emirates (UAE). The opening is in response to increasing demand from WFW clients in the firm’s key sectors for advice in relation to their business dealings in Dubai and the UAE, and also across the Middle East generally.

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